I've been waiting for Sony to release an official PSP Media Manager for some time now, and I have a few initial thoughts after purchasing, downloading, and using it:

• The UI is extremely slow, worse than Java on-screen
• The UI is clean, intuitive, smart, easy
• No software update feature (that I can find)
• Feed management is rudimentary, but decent
• Auto-backup feature is very nice
• At $20, it's a decent deal, but *SHOULD* ship with PSPs
• Better than most of today's PSP managers
• Gracenote integration is very nice with built-in MP3 ripping
• Cool feeds is missing our show
• You can't right-click anything (very annoying)
• You can't refresh feeds upon connection
• File format conversion options appear to be sufficient
• PSPWare does Bookmarks, PSP Media Manager doesn't
• Known issues is missing a few blatant issues

I like PSPWare's price and speed much more, but it still relies on iTunes (which I don't have installed on my main machine). It'll be interesting to see if Nullriver improves their client to compete feature-for-feature with Sony's. If you need a PSP file manager, this is a pretty good one – but now that it's out the door, Sony needs to work on bumping up performance! Forget about browsing large directories of videos or photos – PSP Media Manager renders each thumbnail asynchronously. I'd give it a solid 3 out of 5 gnomes, but hesitate to slap shining stars all over it due to the overt speed issues. There's promise in this one – much more than I've seen from others.